Woolworths New Zealand's revelation of a 52% drop in profits is being labelled a 'PR fudge'. 

The multi-national supermarket giant reported a $76 million profit for this year.

Monopoly Watch financial analyst Tex Edwards told Mike Hosking that this just means gross profits are up $76 million.

He says, essentially, there's an increase, not in operational costs, but in transfer of costs to Australia. 

Edwards says Woolworths' profit margins are still approximately three times more than those of other supermarket companies internationally.

LISTEN ABOVE

Woolworths New Zealand's revelation of a 52% drop in profits is being labelled a 'PR fudge'.  
The multi-national supermarket giant reported a $76 million profit for this year. 
Monopoly Watch financial analyst Tex Edwards told Mike Hosking that this just means gross profits are up $76 million. 
He says, essentially, there's an increase, not in operational costs, but in transfer of costs to Australia.  
Edwards says Woolworths' profit margins are still approximately three times more than those of other supermarket companies internationally. 
LISTEN ABOVE

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Open your mind to the world with New Zealand’s number one breakfast radio show. Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda. The sharpest voice and mind in the business, Mike drives strong opinion, delivers the best talent, and always leaves you wanting more. The Mike Hosking Breakfast always cuts through and delivers the best daily on Newstalk ZB.

Open your mind to the world with New Zealand’s number one breakfast radio show.Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda.The sharpest voice and mind in the business, Mike drives strong opinion,...